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It's actually a zero percent increase on someone making $1 million, as it only applies to income over $1 million. If you made $2 million, you'd pay 1% of the se
by marcusverus 6y ago
It's actually a zero percent increase on someone making $1 million, as it only applies to income over $1 million. If you made $2 million, you'd pay 1% of the second million, or $10 thousand.
$10k is no big deal to someone making $2m per year. But that person is already paying ~$240,000 per year in California state income taxes[according to a random tax calculator I just googled]. So they're already voluntarily paying $2.4 million per decade, $24 million over a working career for the privilege of living in the state of California. And yet that isn't enough.
In the immortal words of CCR, "And when you ask 'em, 'How much should we give?' Ooh, they only answer 'More, more, more!'"
- zentiggr 6y agoPerfect, incredibly sweet irony in quoting THAT song in reference to increasing taxes on the super rich. You win HN today.